< Church Name >

Gift Disposition Policy

ProposedApril 9, 2016

  1. General:

This policy statement governs the disposition of gifts to <Church Name>. For the purposes of this policy, “gift” refers to any asset given by a living or deceased donor. A “bequest” is any gift where the assets are transferred to <Church Name> following the donor’s death, as defined in the donor’s will. The gift assets may be in any form, such as cash, securities, personal property, real property, and so on.

A gift may be directed to <Church Name>as follows:

  1. General (To the church):

<Church Name>

  1. Specific (To a specific fund or purpose):

The <Fund> of <Church Name>. Where <Fund> is any existing Endowment or Investment Fund, designated by name.

or

<Church Name>for <Purpose>. Where <Purpose> is defined by the donor.

  1. Gifts Types:

Gifts can be of two general types:

  1. “Designated” in which the donor has identified a specific purpose(s) to which the assets should be directed. The Vestry has ultimate responsibility to determine that the use(s) to which the assets are applied is faithful to the donor’s wishes.
  1. “Undesignated” in which the donor has not identified a specific purpose(s) to which the assets should be directed. All such giftsshall be distributedto one or more existing Endowment or Investment Funds, at the earliest practical time, as directed and approved by the Vestry. See‘Disposition of Undesignated Gifts’, below, for further detail.
  1. Disposition of Designated Gifts:

Gift assets shall be directed to their designated purpose(s) either as an endowment or by direct expenditure of the assets through the treasurer of the parish.

  1. Endowment:
  2. Gifts designating an existing Endowment Fund shall be transferred to the appropriate Fund upon receipt.
  1. Gifts given for a designated purpose, not covered by an existing Endowment Fund, shall be applied to establish a new Endowment Fund, for that designated purpose only. Reference the Designated Gift Policy for further guidance.
  1. Directed Expenditure:

Gifts given for a designated purpose will be made available for that designated purpose only.

  1. Disposition of Undesignated Gifts:
  2. Gifts less than $5,000:

Any undesignated gift, less than $5,000, shall be distributed to an existingEndowment or Investment Fund.

  1. Gifts equal to or greater than $5,000:

Any undesignated gift, greater than $5,000 shall be distributed to an existing (or newly defined) Endowment Fund.

  1. The Vestry shall determine appropriate disbursement, in consultation with the Rector and Endowment/Investment Committee.
  1. Gift Disposition Procedures:

The procedure for handling gifts begins with the Parish Administrator, who shall ensure that any gift is appropriately recorded and processed.

All cash gifts shallbe deposited and held in anappropriate bank account, pending a decision regarding the final disposition of the gift.

The Parish Administrator shall prepare copies of all relevant documents and distribute to the appropriate offices of the parish, including the Rector, Treasurer, Vestry, and Investment Committee. Such documentation shall be prepared and distributed prior to the next regularly scheduled Vestry meeting.

The Vestry shall review all recently received gifts at the next scheduled Vestry meeting. Gift disposition shall be handled in a timely manner.

  1. Parochial Report:

All gifts (Designated or Undesignated), or portions thereof, used by <Church Name> for operating purposes, must be declared on the annual Parochial Report. Reference the Parochial Report Workbook for further clarification.

  1. Gift Acknowledgements:

The Rector and Vestry shall give appropriate acknowledgment of gifts in a timely manner.

  1. Amendment Policy:

Any amendment to this policy shall be presented to the Vestry for review and approval. Further, such amendments shall be approved by a two-thirds favorable vote of the full Vestry*, in two meetings, at least twelve months apart.

*The full Vestry includes the Wardens and all currently active Vestry members.

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